USD/CAD attempts to break resistance

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"USD/CAD may continue to work its way back towards the December low (1.3080)."  
– David Song, Daily FX 

Pair's Outlook 
During the first half of Monday's trading session the US Dollar attempted to break through the resistance against the Canadian Dollar put up by the 100-day SMA at 1.3268. Previously, during Friday's trading the rate fluctuated below the just mentioned resistance level, and ended the day higher, ending a streak of losses for the Greenback against the Loonie. It is most likely that the currency exchange rate will fail to break through the simple moving average and continue its way lower, as forecasted before and still expected. 

Traders' Sentiment 
SWFX traders have increased their bullish sentiment, as 60% of open positions were long, compared to 54% on Friday. Meanwhile, pending commands have shifted, as 53% of trader set up orders were set to buy the Greenback.
© Dukascopy Bank SA

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